Richmond, VA
$11,700,000 Mezzanine Financing
$11.7m
Size
268
Units
Richmond, VA
Market
- A mezzanine investor purchased a limited interest in 268 apartment units across two complexes located in Richmond's Jackson Ward neighborhood.
- Institutional partner bought out existing Limited Partners while leaving in Sponsor.
- Significantly reduced cost of capital to the deal.
- Non-prepayable debt limited refinance options. JBL&Co worked with the first mortgage lender to structure Intercreditor Agreement.
- Sponsor and Institution have similar 10-year investment horizon.
- Members of JBL&Co invested their own capital into the transaction.
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